Held under charges of deceitful acquisition of a luxury vessel worth, Bridgecorp Chief, Rod Petricevic and Finance Director, Rob Roest, appeared in court today. The charges were imposed on the two by Serious Fraud Office.

They both were held last month for the alleged use of investments worth $1.8 million for the buyout of luxury yacht, the Medici.

They were put to the police custody and scheduled for an appearance in Auckland District Court on July 19.

Yacht, originally owned by Poseidon, was purchased with Bridgecorp’s investors’ money. Poseidon is owned by Petricevic. He was also held under the charges of involvement in the fraudulent acquisition, paying a sum worth $1.2 million to Bridgecorp funds.

It was primarily done to buy ABb. The charges will not fall under the Securities Act. ABb is an illegal company run by ex-model Janita Wright, a close friend of Petricevic.

However, she has not been held under any charges.

After being tried under the Securities Act violation, former Directors Bruce Davidson, Gary Urwin and Peter Steigrad and Petricevic were brought in the court last month for further scrutiny.

The prosecution told that directors misled the investors in Bridgecorp.